Home / Knowledge / News / Textiles / Budget extremely disappointing for textiles - CITI
Budget extremely disappointing for textiles - CITI
29
Feb '08
The textile industry is extremely disappointed with the Central Budget for 2008-09 presented in Parliament by the Finance Minister on 29th February 2008.

In a statement here, Shri P.D. Patodia, Chairman CITI said that inclusive growth, which is the stated objective of the 11th Five Year Plan and was referred to by the Finance Minister in his speech, will remain only on paper, unless concrete measures are taken to encourage industries like textiles and clothing which have the potential to deliver inclusive growth. There is nothing in the Budget to address the growing crisis in this highly labour intensive industry.

Shri Patodia stated that reduction of customs and excise duties on fibres and capital goods, a mechanism for refunding state level duties to exporters of labour intensive products and a moratorium on repayment of principal amounts against term loans taken by them would have helped in reviving the crisis ridden textiles and clothing industry.

The Budget has failed to address any of these issues. The present crisis in this industry is the result of the run away appreciation of rupee and the escalation of interest rates, which are direct results of government policies.

While there may be economic reasons for pursuing such policies, it is necessary to ensure that these do not result in the decimation of labour intensive industries like textiles and clothing, which have the potential to employ large number of rural poor and women.


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search